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Blockchain Is More Than a Financial Buzzword. It’s a New Term Financial Job Candidates Must Understand

Posted January 9th, 2018

When you are interviewing for an accounting job in the financial sector, it is important to show that you’ve kept up with developments in the industry. You’ll need to illustrate you know about the new financial products available and you understand the language used to talk about modern financial products.

For example, one key term you need to make sure your employers know you understand is blockchain. So, what is blockchain?

Blockchain refers to a database or a ledger

Blockchain is similar in many ways to a spreadsheet, because it can maintain an ever-growing list of transactions or records. However, blockchain is decentralized and public. Because the network is distributed and there is no central authority controlling transactions, computer servers reach a consensus to allow transactions to occur. Blockchain is trusted not only because of this decentralization but also because blockchains are secure. Once posts are put onto the ledger, they can’t be changed and the record of the transactions is irreversible.

Bitcoin is the financial product most commonly associated with blockchain

Blockchain is the technology that makes bitcoin work. Users can transact directly on a decentralized blockchain network without any middle man. This makes bitcoin a secure currency that people can exchange in transactions for goods and services. Bitcoin transactions are largely untraceable because of the decentralized nature of the distributed network.

Blockchain is just the tip of the iceberg

While blockchain is most commonly associated with bitcoin, the use of blockchain for bitcoin and other cryptocurrencies is just the beginning. Blockchain has many other purposes, and major Wall Street banks are investing in the technology with hopes that it will cut backroom transaction costs.

If you have an understanding of blockchain and how it will affect the financial services industry, you are ahead of the game and are likely going to be an in-demand hire by companies who want financial professionals with a deep understanding of emerging technologies.

Work with a top temp agency in Westchester NY

Vanguard Staffing can help you land a great job with a company that appreciates your knowledge of this technology which may change the financial industry. Give us a call today to work with a top temp agency in Westchester and to find out how we can help you to land a great position at a company where your knowledge will be valued.